The United States is in talks with Iran and an agreement to reopen the Strait of Hormuz will be reached in a day or two, US treasury secretary Scott Bessent has said.President Donald Trump. (AP Photo/Julia Demaree Nikhinson) (AP Photo/Julia Demaree Nikhinson)Efforts to de-escalate tensions in West Asia are underway. The Strait of Hormuz, a key oil artery, was shut off by Iran following the US and Israeli assassination of Supreme Leader Ayatollah Ali Khamenei on February 28.“We’re in talks with the Iranians and I think there is a chance we may have a deal today or tomorrow to open the strait,” Bessent told CNBC on Tuesday.Asked if ships would have to pay a toll to use the Strait of Hormuz, Bessent said vessels would be allowed to pass freely. “I think it would be freedom of movement,” he said.ALSO READ | Iran wants to charge for Hormuz, Houthis for the Red Sea: How straits around the world are governedWhat Qatar saidQatar's foreign ministry, one of the main mediators between Washington and Tehran, said a proposed de-escalation resolution was currently being circulated among the parties.“The proposed de-escalation resolution is being circulated between the parties,” the ministry said, as per a Bloomberg report.Oil prices could fallUS crude oil prices fell about 3% to below $78 a barrel on Tuesday. Prices could fall even more when ships stranded in the Persian Gulf are able to leave, Bessent said.“It’s not just energy. It’s fertilizer, it’s refined products, it is the various industrial gasses,” he said. “We could see a big relief trade as those prices go down.”ALSO READ | Open Hormuz Strait, end nuclear threat: Trump lays out ‘parameters’ for Iran deal:What are they?Trump on calling off attacksUS President Donald Trump had said on Saturday that he called off a major attack on Iran to allow negotiations over reopening the Strait of Hormuz.Trump said the proposed agreement would include the immediate reopening of the Strait of Hormuz and an end to Iran's nuclear programme."This would include the Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat. Based on this request, I have agreed... to cancel the attack, subject to being able to rapidly make a DEAL," Trump wrote on Truth Social.Trump also claimed that Israel had agreed to support efforts toward a peace deal and halt strikes. "The Country of Israel joins me in this commitment. Get to work, everybody, and get it DONE," he added.ALSO READ | Oil extends decline as Trump's US-Iran talks remark fuels hopes of end to West Asia conflictUS-Iran peace deal collapseThe US and Iran had signed a memorandum of understanding on June 17 to reopen the strait, but the agreement later collapsed over disagreements on shipping routes. Tehran insisted that vessels pass through its territorial waters, while Washington opposed the demand.The breakdown led to renewed hostilities. Iran bypassed the US naval blockade and attacked tankers travelling along Oman's coast. The US launched 14 straight night of attacks on Iran.